Bitcoin is the first and foremost cryptocurrency ever created. It is the digital currency which is created, used and maintained electronically. The transactions of a digital coin are written in Blocks and maintained in the Block Chain, which is a distributed, transparent and digital ledger.During the process of mining the Bitcoins, the miners (computer nodes with high power graphic processors) of the network solve the hash algorithms, difficult math problems and mine a block to earn bitcoins as reward. This is how Bitcoins come into market.What is Proof of WorkThe original idea of Proof of Work belong to Cynthia Dwork ... Read More

The difference between a Block chain and a traditional database begins with architecture, creation, access, and permissions. They differ in each and every aspect except that they both are huge repositories of data which is stored and accessed in an organised form, digitally.DatabaseThis runs on a client-server network, where there is a central repository of data that will be accessed by those nodes who have permission to access the data. The data of the database is maintained by administrators, and mostly nodes will have access to retrieve the data as per their requirement.Database, which is an electronic collection of data ... Read More

Block Chain is the most important component of any cryptocurrency network. Cryptocurrency is based on distributed, transparent public ledger where all the transactions ever made on a cryptocurrency are noted in the blocks and added to the block chain. Miners get attractive rewards to verify and create a new block and add it successfully to the Block Chain.Here comes the twist. There will be some blocks which are created, but not accepted by the block chain network. There are called Orphan Blocks. Orphan blocks are verified and valid blocks, but not accepted by the block chain network due to a ... Read More

Cryptocurrency like Bitcoin uses the Block chain as a decentralized, distributed, public digital ledger that records all the transactions of the Bitcoin. Block Chain has a unique feature of storing the value of previous block as a hash value in the current block, which makes it impossible to alter any block without changing all the subsequent blocks.The miners create a block and verify it and will be rewarded for using their CPU power to do so. The block which gets more than 50% consensus will be added to the block chain. During the verification of Block, the miners will complete ... Read More

Satoshi Nakamoto created Bitcoin in 2008, and he made the network very strong as a distributed, peer to peer model which is maintained without any intermediaries. Since then many digital currencies are created, which follow the same system where all nodes are sharing same information (same copy of Block chain) and any node can communicate with any other node safely across the network, knowing that they are displaying same data.Byzantine Fault Tolerance (BFT) is one of the most difficult challenges faced by the Block chain technology. All the participants of the cryptocurrency network need to agree, or give consensus regularly ... Read More

Bitcoins or any other cryptocurrency for that matter, trade at different values. These values are based on supply and demand and most importantly on speculation. The Block chain is the chain of block that stores the information of the transactions of a Bitcoin. Satoshi Nakamoto created the first block in 2009, which is called the Genesis Block.Block Chain is a distributed ledger which stores the data in Hash values. Every digital currency has its own block chain that keeps a record of all transactions ever done using that currency.Peer to Peer Network or P2P Network allows everyone to have a ... Read More